Ukraine to receive $50B from G7, EU this year – PM Shmyhal

Prime Minister Denys Shmyhal announced this at a government meeting on Friday, Ukrinform reports.

“This week, without exaggeration, Ukraine has won one of the biggest financial victories in 2.5 years of the great war. The European Union, the United States, and the United Kingdom have decided to provide Ukraine with financial support from frozen Russian assets. The EU will provide up to EUR 35 billion, the United States - up to USD 20 billion, and the UK - GBP 2.3 billion. In total, Ukraine will receive about $50 billion from the G7 and the EU, and these funds should be available this year,” Shmyhal said.

The Prime Minister noted that the Ukrainian side had been defending the decision for two years.

“In the spring of 2022, when the principle ‘Russia must pay’ was first voiced, we were told that it was impossible. That frozen Russian assets were protected by 'sovereign immunity'. That there was no legal mechanism in place to use or confiscate these funds. Thousands of hours of work by hundreds of people, and today we have the appropriate decisions,” the Prime Minister emphasized.

He clarified that the funds will actually be used to support Ukraine: financing the most important defense needs, reconstruction, and support for people.

“These funds, amounting to $50 billion, will provide the foundation for our financial and economic sustainability in 2025. It is essential that Ukraine has access to additional financial resources in the coming year. We are also continuing our four-year EUR 50 billion programme with the EU under the Ukraine Facility. We continue the programme with the IMF. We continue joint financial, economic, energy and other projects with our allies,” the Prime Minister emphasized.

At the same time, he said that Ukraine will continue to insist on the full confiscation of all frozen Russian funds.

As reported, U.S. Treasury Secretary Janet Yellen said that the Group of Seven intends to provide Ukraine with a $50 billion loan by the end of this year.

On October 23, the European Council finally approved, under a written procedure, a macro-financial loan of 35 billion euros to Ukraine, which will be paid and serviced from the extraordinary proceeds of Russian assets frozen in the EU.

Photo: Cabinet of Ministers